XRP price has recovered somewhat over the weekend and continues to maintain this bullish momentum. However, the price could drop significantly.
XRP stock price is about to plunge 80%, and this analysis focuses on its performance over the past two years, indicating that it is more likely that the price will plunge from here than continue to rise.
Ripple's price has been trading within an ascending trend channel for the past two years. For the most part, the channel has remained stable, maintaining a bullish trend. However, this ascending trend channel support has now failed, and with the confirmation complete, this suggests a reversal in price.
After the coin breaks out of the market structure in April 2022, the price could top out, and this support would subsequently fail. Given this, it is expected that the price will reverse from here and fall to levels not seen since 2020.
The target price for this crash is $0.1. If this happens, it would mean a drop of more than 80% in the value of the coin from its current level.
In this case, the price must continue to trade within the channel and maintain its support at this level.
However, the price action has broken out of the channel. Now, the holding point has become the $0.3 level. As long as this level remains, the upward trend will continue.
Despite this, at the time of writing, the XRP price remains above $0.52, down 1.33% in the past day. But it rose slightly by 2.82% last week and remains the seventh largest cryptocurrency with a market capitalization of $29.3 billion.